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You’ve built it, now protect it

You’ve built it, now protect it

December 06, 2023

Using life insurance to help protect your wealth

You’ve worked hard to build an impressive balance sheet, but have you done all you can to protect it?

Whole life insurance can help protect you and your estate over your lifetime, not just a set number of years the way term insurance does1. But protection is just one benefit. Whole life’s predictable cash value could supplement investment income in retirement and help with life’s planned (and unplanned) expenses2,3.

I’ve attached a short article here with the three whole life questions I hear most from my clients. I hope you’ll take a minute to read it, then contact me to chat.

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¹ All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

² Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.

³ Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

Pub12065 2023-158530 Exp 7/25 *pre-approved content*